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Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
 Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russia has been considering exports of oil and gas from its Eastern territories to Asia-Pacific countries since the early 1970s, when the authorities recognized an opportunity to supplement the country’s West Siberian Output. Political instabilities, though, paired with uncertainty on Chinese and Japanese demand have substantially obstructed any course of action.
Pre-invasion, 60% of the country’s oil exports were directed to European countries and about 20% to China, either through pipelines or via seaborne routes, making it, thus, easier to redirect compared to gas. However, since the invasion of Ukraine and the announcement of sanctions, oil has gradually shifted towards the main Asian importers, China, and India, and to some new, albeit considerably smaller, customers, such as Sri Lanka, Egypt, and Indonesia. It is questioned, though, how effectively the country’s exports will be redirected to its emerging Asian customers.
Currently, 85% of the country’s production is clustered around West Siberia, Timan-Pechora, and the Volga Urals. As a result, exports are heavily concentrated in the Black Sea and Baltic ports, thus, trebling the voyage distance and inflating costs and freights. Due to logistic issues and insufficient infrastructure between the above regions and the country’s eastern terminals, the redirection of the country’s oil exports is challenged.
The maturity of the Western fields paired with the western sanctions on oil have urged the country to increase production from its East Siberian fields. During the past decade, East Siberian oil output gradually surged to 700,000 b/d. Meanwhile, the oil output from its mature West Siberian fields is estimated to decrease by 2m b/d over the next decade. Rosneft’s new Vostok Oil Megaproject, located at the northern junction of East and West Siberia, is set to add 1.5m b/d by 2030, with a target of 2m b/d. The project also includes the construction of Bukhta Sever Port which is set to become the country’s largest oil terminal and facilitate the development of the Northern Sea Route, while it is also going to test the country’s resilience to western sanctions. Since the voyage distance via the Northern Sea Route to the Far East could save up to 20 days off the shipping time spent compared to the Suez Canal route, vessels’ tonne-miles could be almost halved. Although the North Sea Route will provide more flexibility to the shippers and facilitate the current supply chain constraints, it is expected to provide some inconvenience as well due to its operational seasonality. Arctic sea lanes are estimated to be ice-free during the summertime by 2035, according to scientists, however, the lack of predictability will continue to overweigh the savings on shipping costs and time.
Overall, in the mid-term and within the next five years, the global oil market will be highly volatile and fragmented. Russia will be forced to reposition itself amid the realignment of the energy markets, however, the efficiency of the country’s relationship establishment with Asian customers is yet to be witnessed.
By Chara Georgousi
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
Monday, 12 September 22
COAL PRICE HIKE REMAINS DIFFICULT FOR CIL: CHAIRMAN TELLS ANALYSTS - PTI
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with h ...
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- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
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